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they've got to figure out the fiscal cliff. it's massive, massive spending cuts, massive tax hikes that slam on the economy at the same time, would mean a lot of people out of work, factories close. they have to fix this and they're barely moving toward it. >> ali, fiscal cliff 101. a couple people tweeted me saying you keep talking about the fiscal cliff. >> it's a whole bunch of things that are not great that will going to happen at the same time. tax cuts are going to expire. the bush era tax cuts. certain benefits and credits are going to go away. and they're going to be the sequestration, which as you know is a stupid name for a stupid thing but it was the deal they made for the debt limit increase that said if 12 of you can't make a deal, then we're going to cut 10% across the board in everything. >> the debt ceiling and then they attached a suicide note and that's basically what it is. >> military spending and -- >> all cutting across the board. which is not what you do in an economy like this. spending cuts are necessar
they've got to figure out the fiscal cliff. it's massive, massive spending cuts, massive tax hikes that slam on the economy at the same time, would mean a lot of people out of work, factories close. they have to fix this and they're barely moving toward it. >> ali, fiscal cliff 101. a couple people tweeted me saying you keep talking about the fiscal cliff. >> it's a whole bunch of things that are not great that will going to happen at the same time. tax cuts are going to expire. the...
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i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use them now for a share in apple? apple says it will build some of the iconic mac computers in the u.s. listen to what apple ceo tim cook said to nbc's brian williams. >> so we've been working for years on doing more and more in the united states. next year, we will do one of our existing mac lines in the united states. >> but apple stock has been singing the blues for a few months. plummeted 25% off the all-high and a beating this week. 6.5% lower yesterday. apple up more than a percent today. kurndly around $544 a share. is now a good time to get in. you're all asking me. i'm asking katie stockton in connecticut. katie, is apple stock down off its high a phenomenally successful stock to hold for so many investors and showing the chart again. you look at technical trading patterns in the stock. do they tell you it's time to buy, sell or hol
i'm going to tell you what others won't about the fiscal cliff. the head of starbucks said it will damage the u.s.'s reputation and shenanigans from capitol hill and with a cool 500 bucks to spend, should you use them now for a share in apple? apple says it will build some of the iconic mac computers in the u.s. listen to what apple ceo tim cook said to nbc's brian williams. >> so we've been working for years on doing more and more in the united states. next year, we will do one of our...
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cliff. who will cave first, democrats, republicans? we have details of today's white house meeting. one. two. three. my credit card rewards are easy to remember. with the bankamericard cash rewards credit card, i earn 1% cash back everywhere, every time. [ both ] 2% back on groceries. [ all ] 3% on gas! no hoops to jump through. i earn more cash back on the things i buy most. [ woman in pet store ] it's as easy as... [ all ] one! -two. -[ all ] three! [ male announcer ] the bankamericard cash rewards credit card. apply online or at a bank of america near you. >>> severe spending cuts, huge tax hikes for everyone are now just only six weeks away. and with pressure mounting, president obama sat down at the white house today with congressional leaders from both parties to begin negotiations on a debt reduction deal that would keep the united states from going over the so-called fiscal cliff. >> i think we're all aware that we have some urgent business to do. we've got to make sure that taxes do
cliff. who will cave first, democrats, republicans? we have details of today's white house meeting. one. two. three. my credit card rewards are easy to remember. with the bankamericard cash rewards credit card, i earn 1% cash back everywhere, every time. [ both ] 2% back on groceries. [ all ] 3% on gas! no hoops to jump through. i earn more cash back on the things i buy most. [ woman in pet store ] it's as easy as... [ all ] one! -two. -[ all ] three! [ male announcer ] the bankamericard cash...
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the fiscal cliff is a name that the media came up with, but some of us have been saying for years, you have got to stop the out of control federal spending or you will end up at this point, we're there. >> i just want to the remind folks of something you said about the middle class tax cuts, i just want to the play that. >> in my view, we all agree that we're not going to raise taxes on people that make less than $250,000, we should just take them out of the discussion right now. >> he has his idea, i don't want to raise taxes on anybody. >> it seems to me now this is the split inside the republican caucus -- >> i don't think so. i think there's more discussion about tactics than it is any different. none of us want to raise the rates on anybody, but the rates on everybody go up at the end of the month. since we degree with the democrats on 98% of the american people, to me, i would just get that off the table now so they don't worry about it. i the those people are the president's leverage. it's the democrats going around screaming your taxes will go up if republicans don't agree, let
the fiscal cliff is a name that the media came up with, but some of us have been saying for years, you have got to stop the out of control federal spending or you will end up at this point, we're there. >> i just want to the remind folks of something you said about the middle class tax cuts, i just want to the play that. >> in my view, we all agree that we're not going to raise taxes on people that make less than $250,000, we should just take them out of the discussion right now....
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Aug 12, 2012
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now that's personal pricing. >>> i've been telling you about the fiscal cliff we are head ed over in congress refuses to act. one rocky area of the cliff is the so-called sequester, which is a stupid name for a stupid thing. $1.2 trillion in automatic spending cuts over ten years. half will come from defense including $55 billion alone next year. jobs will be lost. possibly more than a million defense-related jobs next year. most of them, by the way, are not government jobs. the bulk of the pink slips come from private contractors hired by uncle sam. i don't know if the number is right. but let's say it's in the ballpark. that would be equivalent, take a look at the red bars, to all of the jobs created this year. i'm not willing to take that chance and your congress shouldn't be either. defense companies aren't waiting around. they are already starting to prepare for the job losses. why? because of something called the warn act. the obama administration says the act doesn't apply here and that's triggering a political firestorm. before we get to that, you need to know what the warn a
now that's personal pricing. >>> i've been telling you about the fiscal cliff we are head ed over in congress refuses to act. one rocky area of the cliff is the so-called sequester, which is a stupid name for a stupid thing. $1.2 trillion in automatic spending cuts over ten years. half will come from defense including $55 billion alone next year. jobs will be lost. possibly more than a million defense-related jobs next year. most of them, by the way, are not government jobs. the bulk...
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just weeks away from now looms the so-called fiscal cliff, combination of automatic spending cuts and tax increases, mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution underwhich we're currently operating expires. amid all of the short-term hurdles we face the greatest challenge of all, a massive debt that is smothering growth and exceeding the entire size of our economy. there will be many who will say that with the election over, we should confront the first of these challenges by simply letting the top two tax rates expire and pushing the sequester off to some other date. they would have us engaged in the same short-term temporary policies that have helped put us into this fix. and in essence they're saying let's have more of the same. let's agree to drive our economy off part of the fiscal cliff instead of driving it off the whole fiscal cliff and we'll call it a day. that might get us out of town, but it won't get u
just weeks away from now looms the so-called fiscal cliff, combination of automatic spending cuts and tax increases, mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution underwhich we're currently operating expires. amid all of the short-term hurdles we face the greatest challenge of all, a massive debt that is smothering growth and...
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i think you like to say this is the fiscal cliff coming at you like a -- >> a mack truck. to mix our metaphors. >> sure. >> this is something, if congress can't decide what to do with these expiring tax -- tax goodies and all these looming spending cuts, you're going to have a huge shock to the economy in the beginning of the year. the congressional budget office said that would result in a recession, another recession at the beginning part of next year. so these bush tax cut a very big part of this thing we are calling you the fiscal cliffs. what does it mean in the president wants to keep the tax brackets of 10% 15%, 25% where they are, how much you have to earn to qualify for those. 10%, people who earn less than $17,000 and change. 15%, people who earn less than $70,000, married, filing jointly. 25%, people under $142, so on. so, where the president wants to allow them to expire you the 33% tax bracket, your taxes would jump up to 36%, an extra $17 or $18,000 in tax for people who make $388,000. the gop will say that is a lot of small business owners. 35%, people who m
i think you like to say this is the fiscal cliff coming at you like a -- >> a mack truck. to mix our metaphors. >> sure. >> this is something, if congress can't decide what to do with these expiring tax -- tax goodies and all these looming spending cuts, you're going to have a huge shock to the economy in the beginning of the year. the congressional budget office said that would result in a recession, another recession at the beginning part of next year. so these bush tax cut...
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>> we are facing the fiscal cliff, a sharp increase in taxes, across the board cuts in spending, a variety of other policies that need to get done. that is starting to affect the economy this year. taking away that threat will be the first and foremost things they can do. the president needs to do what he did in 2010. agree to extend the tax cuts so there is not a sharp increase on american business and families. no good will come of that. that will be a way to take away one of the threats. receiptality is, things always happen. in economists, you always get a tsunami and trouble in europe. the trouble is, the president has built a recovery that is so fragile, a feather would derail it. you have to do better. >> governor romney today was making doug's case. he says the business is sitting on a ton of money. they won't spend it. is it just question mark uncertainty? >> what the president has done has made it less and less likely for investors to want to invest in america, for employers to want to hire in america and that's the indictment that you are seeing on this administration's policies
>> we are facing the fiscal cliff, a sharp increase in taxes, across the board cuts in spending, a variety of other policies that need to get done. that is starting to affect the economy this year. taking away that threat will be the first and foremost things they can do. the president needs to do what he did in 2010. agree to extend the tax cuts so there is not a sharp increase on american business and families. no good will come of that. that will be a way to take away one of the...
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let's talk about what the fiscal cliff is. starting in the beginning of the year because of a deal the congress did last year to raise the debt ceilings, all these things will go into play at the same time, big spending cuts, bush tax cuts expire, minimum tax cut goes away, payroll tax holiday goes away, unemployment benefits extension. whole bunch of things. middle income households making, say, $50,000 a year would see their tax bill rise $2,000. $2,000 for the year. immediately your paycheck, you would notice a change there o r overall, certainly in what you pay when you pay your taxes. this is the spending part of it. 8% to 10% cuts in budgets for everything you could think of, from the fda, centers to disease control, education, border patrol, cdc director has said this. 8% to 10% reduction will risk costy and deadly spread of disease and failures to prevent tragic and expensive health problems. yeah. this is something that really matters. a math problem between democrats and republicans is something that matters to every
let's talk about what the fiscal cliff is. starting in the beginning of the year because of a deal the congress did last year to raise the debt ceilings, all these things will go into play at the same time, big spending cuts, bush tax cuts expire, minimum tax cut goes away, payroll tax holiday goes away, unemployment benefits extension. whole bunch of things. middle income households making, say, $50,000 a year would see their tax bill rise $2,000. $2,000 for the year. immediately your...
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the focus for wall street now, kate, is on the fiscal cliff. congress and president obama have two months, 55 days to deal with those tax increases and federal spending cuts. a deal has to be reach ed. wall street sees it this way, to avert possibly a recession as the congressional budget office has said, a spike in unemployment rate. one analyst telling me if a resolution isn't reached with the fiscal cliff that stocks will plummet and the economy will drown in quicksand. that is certainly all spooking the markets today. kate? >> we're watching, as we're preparing for the bell to ring any moment now. you said you're seeing a sell-off, a drop. correct me if i'm wrong, stocks are up overall in the obama presidency in his first term. right? >> that's a good point. we've been talking up until the election about the fact that a romney win would have been something wall street would have cheered because he was seen as pro business, more pro wall street. but if you look back at the actual numbers, look at this, the stock market really has had a great
the focus for wall street now, kate, is on the fiscal cliff. congress and president obama have two months, 55 days to deal with those tax increases and federal spending cuts. a deal has to be reach ed. wall street sees it this way, to avert possibly a recession as the congressional budget office has said, a spike in unemployment rate. one analyst telling me if a resolution isn't reached with the fiscal cliff that stocks will plummet and the economy will drown in quicksand. that is certainly all...
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many have been saying if we do go over this fiscal cliff that the u.s. economy will go into a recession. this is a combination of these huge federal spending cuts and tax increases that all go into effect unless xng does something about it. it will suck trillions of dollars right out of the economy. would be a huge shock to the system because it includes $55 billion in defense spending cuts, another $55 billion in nondefense and i haven't mentioned the taxes. the taxes in this country will go up because tax cuts will expire like the bush tax cuts, tax holiday. i'm talking about income taxes and capital gains taxes. all of that would go up unless congress and the president can get their act together and stop it all from happening. that's what wall street is going to be focused on until the end of the year. and the way wall street sees it, the way everybody sees it is they'd like to see a deal sooner rather than later especially for a lot of companies. a lot of companies are holding off on hiring because they don't know what the tax situation is going to b
many have been saying if we do go over this fiscal cliff that the u.s. economy will go into a recession. this is a combination of these huge federal spending cuts and tax increases that all go into effect unless xng does something about it. it will suck trillions of dollars right out of the economy. would be a huge shock to the system because it includes $55 billion in defense spending cuts, another $55 billion in nondefense and i haven't mentioned the taxes. the taxes in this country will go...
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Nov 17, 2012
11/12
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what was the fiscal cliff? it was a trigger in the debt ceiling debate. they like them, and it makes you wonder, are we going to be dealing with fiscal cliff 2.0 next year? we might. >> thank you very much. >>> rebuilding the republican party. following some big election day losses, the question remains, what exactly is the republican party's future? former congress carlos gutierrez that led latino voters spoke to candy. he said he would disavow so-called gifts from president obama to minorities and young voters to help him win. >> i was shocked. i was shocked, and frankly, i don't think that's why the republicans lost the elections, why we lost the election. i think we lost the election because the far right of this party has taken the party to a place that it doesn't belong. we are the party of prosperity of growth, of tolerance. these immigrants who come across and what they do wrong is they risk their lives and they come here and work because they want to be part of the american dream. that is what the gop is. >> james carville and raylon salom. do yo
what was the fiscal cliff? it was a trigger in the debt ceiling debate. they like them, and it makes you wonder, are we going to be dealing with fiscal cliff 2.0 next year? we might. >> thank you very much. >>> rebuilding the republican party. following some big election day losses, the question remains, what exactly is the republican party's future? former congress carlos gutierrez that led latino voters spoke to candy. he said he would disavow so-called gifts from president...
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Aug 10, 2012
08/12
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fiscal cliff, major spending cuts likely ahead and that would mean a lot of companies. we know -- they are saying a lot of companies are not hiring because they are concerned about this federal spending cut and what that's going to mean. tell us about the economic numbers out. >> the economy has been the stop issue in the minds of americans since late 2007. that has not changed. we asked how people feel about the economy. look at these numbers, brand-new out this morning. the people who say the economy is starting to recover, that number has edged down from april of 24% to 19% now. and a 6-point jump in people who say the economy is getting worse. 33% in april. 9% now. who do they think will do a better job? the president or mitt romney? americans are divided. you can see, 31% say the economy will get better if the president wins re-election and equal amount say the same if romney wins and you can see at the bottom, 22% say it will not get better at all. you've seen both candidates say i will do the better job on the economy and really making the pitch to the middle cla
fiscal cliff, major spending cuts likely ahead and that would mean a lot of companies. we know -- they are saying a lot of companies are not hiring because they are concerned about this federal spending cut and what that's going to mean. tell us about the economic numbers out. >> the economy has been the stop issue in the minds of americans since late 2007. that has not changed. we asked how people feel about the economy. look at these numbers, brand-new out this morning. the people who...
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Sep 22, 2012
09/12
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the so-called fiscal cliff that makes up tax hikes and spending cuts go into effect in january if congress fails to act. >>> and if placing blame was an achievement, you could say congress accomplished quite a bit before leaving town. but the fact is, grid lock still rules on capitol hill, even when it comes to the looming deadline that will force drastic spending cuts across the board, and could put the u.s. back into a recession, as we look at a live shot of the capitol now. our cnn congressional correspondent dana bash has the report for you. >> reporter: the capitol parking lot full of cars, ready to take the house members out of town, but not before both sides took final turns in the blame game that has others set up. >> republicans have to come back and finish their work, not cut and run and walk away from the american people. shame on them. >> the president obama won't work with us to find common ground or urge senate democrats to take action. why? it is because democrats have failed to lead. >> reporter: the list of unf unfinished business is seemingly endless, the farm bill, a fiv
the so-called fiscal cliff that makes up tax hikes and spending cuts go into effect in january if congress fails to act. >>> and if placing blame was an achievement, you could say congress accomplished quite a bit before leaving town. but the fact is, grid lock still rules on capitol hill, even when it comes to the looming deadline that will force drastic spending cuts across the board, and could put the u.s. back into a recession, as we look at a live shot of the capitol now. our cnn...
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Nov 16, 2012
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cliff. if no deal is reached, $500 billion in tax increases and spending cuts take effect immediately. upon the new year. listen to what the president had to say a short time ago. >> i think we're all aware we have some urgent business to do. we have to make sure taxes don't go up on middle class families, that our economy remains strong and we're creating jobs and that's an agenda that democrats and republicans and independents, people all across the country share. our challenge is to make sure we are able to cooperate together, work together, find some common ground and make tough compromises and build consensus to do the people's business. >> let's take you live back to the senate intelligence committee microphone. this is senator conrad from north dakota, the democrat on the committee. let's listen to what he has to say. >> what is very clear is that ambassador rice used the talking points that intelligence committee had all signed off on. that is very, very clear. she used the unclassif
cliff. if no deal is reached, $500 billion in tax increases and spending cuts take effect immediately. upon the new year. listen to what the president had to say a short time ago. >> i think we're all aware we have some urgent business to do. we have to make sure taxes don't go up on middle class families, that our economy remains strong and we're creating jobs and that's an agenda that democrats and republicans and independents, people all across the country share. our challenge is to...
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cliff arising from scheduled federal spending cuts and tax increases set for the end of 2012. well they better hurry up because in nine days president obama is going to go turnovers asia with stops in thailand, myanmar and cambodia. steve rattner is the steering committee for fix the debt and stephen moore senior economics writer. i appreciate you both taking the time. this is a tough time for the country and one where everyone will rise to the occasion and we'll have a hasn't ending. john boehner said in that interview with diane sawyer on abc news he's the most reasonable responsible person here in washington. does that sound reasonable? >> i've been interviewing a lot of people on the republican side and i would agree with your assessment right now it appears both side are exactly where they were back a year ago august when we were up against that debt ceiling. not a lot has changed. president obama is going make the case that look i won the election and i ran on raising the tax rates on the rich. but the republicans in the house said wait we won our election and we won on
cliff arising from scheduled federal spending cuts and tax increases set for the end of 2012. well they better hurry up because in nine days president obama is going to go turnovers asia with stops in thailand, myanmar and cambodia. steve rattner is the steering committee for fix the debt and stephen moore senior economics writer. i appreciate you both taking the time. this is a tough time for the country and one where everyone will rise to the occasion and we'll have a hasn't ending. john...
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09/12
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with the fiscal cliff if it doesn't act we will fall off this so-called fiscal cliff meaning spending cuts would expire, taxes would go up, it would have a huge negative impact on gdp and such a bad impact that the congressional budget office has predicted we're going to fall into a recession which is negative growth. so, you know, to be honest here it will take more than just an iphone to pull us out of that hole. it would be a nifty feature if the iphone could walk through congress and say can you guys get off your doves and do something? >> wouldn't that be great? a lot of people are wishing they would do more than that. alison kosik thanks so much. we're going to take a short break. i was spotting, but i had already gone through menopause. these symptoms may be nothing... but they could be early warning signs of a gynecologic cancer, such as cervical, ovarian, or uterine cancer. feeling bloated for no reason. that's what i remember. seeing my doctor probably saved my life. warning signs are not the same for everyone. if you think something's wrong... see your doctor. ask about gyn
with the fiscal cliff if it doesn't act we will fall off this so-called fiscal cliff meaning spending cuts would expire, taxes would go up, it would have a huge negative impact on gdp and such a bad impact that the congressional budget office has predicted we're going to fall into a recession which is negative growth. so, you know, to be honest here it will take more than just an iphone to pull us out of that hole. it would be a nifty feature if the iphone could walk through congress and say...
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the fiscal cliff. we've got it covered frommive angle. christine romans is host of "your bottom line," richard quest of "quest means business," david walker spent a decade oversaeg the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of come back america. he's an unapologetic deficit hawk. mohammed al arian is the ceo of pim he could. his firm is the largest investors in bonds. and stephen moore is the founder of the low tax advocacy group club for growth. i'm going to start with you, stephen. my good friend, the fiscal cliff is the immediate threat both parties need to come together to fix it because not fixing it would set even conservative fiscal causes back, don't you agree? >> yeah. i think most republicans agree. they don't want to go off this fiscal cliff either, ali. i think the one hang-up in negotiations which will start on tuesday is the president says, look, i was re-elected to raise those tax rates on the rich. you know what the republicans are saying in the snous you no h
the fiscal cliff. we've got it covered frommive angle. christine romans is host of "your bottom line," richard quest of "quest means business," david walker spent a decade oversaeg the federal government, how it spends your tax dollars as the u.s. comptroller general. today he's the ceo of come back america. he's an unapologetic deficit hawk. mohammed al arian is the ceo of pim he could. his firm is the largest investors in bonds. and stephen moore is the founder of the low...
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Nov 16, 2012
11/12
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both sides blaming the other for a lack of action on that fiscal cliff. when taxes duoup and spending gets slashed. today, the rhetoric was ratcheted up another notch as mitch mcconnell slammed the president's plan. >> an opening bid of $1.6 trillion in new taxes just isn't serious. it's more than simpson bowles or more than any other commission has called for. it's twice as much as the white house seemed ready to agree to during last summer's debt ceiling talks. a joke. >> dick durbin joins me now. good to see you. it's a joke. what do you think? >>. >> i think senator mcconnell needs to take another look at the report. i severed on that commission. a reduction of $4 trillion came from revenue. it was in the range of $1.6 trillion. >> you talk about 1.6 trillion. there's ways to get there in ways that don't necessarily raise tax rates. you could cap deductions at $35,000 and have the estate tax go back to where it was and get $1.3 million. i'm simply making the point there's a loft ways to get there that don't involve raising tax rates. is that a comprom
both sides blaming the other for a lack of action on that fiscal cliff. when taxes duoup and spending gets slashed. today, the rhetoric was ratcheted up another notch as mitch mcconnell slammed the president's plan. >> an opening bid of $1.6 trillion in new taxes just isn't serious. it's more than simpson bowles or more than any other commission has called for. it's twice as much as the white house seemed ready to agree to during last summer's debt ceiling talks. a joke. >> dick...
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among the factors fed members were concerned about, the crisis in europe, fiscal cliff. of course, that's that combination of spending cuts happening and the expiration of tax breaks happening at the end of the year. >>> now our third story out front, fresh off a strong debate performance, andrea sol tweeted that the campaign was getting more than two donations a second. john avalon has been looking into this. super pac guys are standing by, by the way. john, i'm looking at the democratic one in the eye and is already champing at the bit. so, talk to me about the money game. obviously a big boost for romney last night. >> absolutely. as you know to find out what's going on in campaigns you've got to follow the money. looking in particular at super pac spending, tsunami of sleaze going through our airwaves in real time. it's fascinating. releasing its numbers for the last three weeks of september. here is what they're seeing. president obama's campaign outspending mitt romney's campaign almost 2-1 in the last three weeks of september. take a look at the next level. super
among the factors fed members were concerned about, the crisis in europe, fiscal cliff. of course, that's that combination of spending cuts happening and the expiration of tax breaks happening at the end of the year. >>> now our third story out front, fresh off a strong debate performance, andrea sol tweeted that the campaign was getting more than two donations a second. john avalon has been looking into this. super pac guys are standing by, by the way. john, i'm looking at the...
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Nov 16, 2012
11/12
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the deadline looming, 46 days now before we go careening off that fiscal cliff. or as some people said that gentle slope. congress, the president, if they fail to reach a budget deal, that's what's going to happen through a series of dramatic tax hikes and spending cuts will kick in. this morning president obama and the four top congressional leaders john boehner, nancy pelosi, harry reid, mitch mcconnell all will begin talks at the white house. cnn's jill dougherty is following those developments for us this morning. she's in our washington, d.c. bureau. good morning, jill. >> hello, soledad. well, this is it. both sides are going to be there. they're looking at the tone. they're looking at the president, what kind of tone will he set? you have to say that they're coming in both sides with their essential positions intact. all, both sides are saying that there is some room for a compromise. so, the essential thing is how do you compromise? if you look at the positions, let's say, of the republicans, and it's most strongly, as i say, relayed by senator mitch mcco
the deadline looming, 46 days now before we go careening off that fiscal cliff. or as some people said that gentle slope. congress, the president, if they fail to reach a budget deal, that's what's going to happen through a series of dramatic tax hikes and spending cuts will kick in. this morning president obama and the four top congressional leaders john boehner, nancy pelosi, harry reid, mitch mcconnell all will begin talks at the white house. cnn's jill dougherty is following those...
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. >> in other words you go over the fiscal cliff. >> you go over the cliff. >> all the middle class, their taxes are going to go up, the sequestration, the cuts in defense spending, all of that will happen. >> we're at the point who is playing chicken here. >> all of them. >> the realltyings the tax rates do go up. >> do you think republicans would let that happen? >> that's the question. john boehner said this week that higher tax rates at the top are unacceptable to him. with all due respect it's not really in your control anymore. unless you make a deal, those rates are going up. >> the president does have the public on his side. if you look at the exit polls, 47% of people said that tax rates should go up on those earning 250,000 or above. >> basically 60% were willing to raise stacks. >> you could try to redesfien who is wealthy. look, i think these people all understand that it is in their own self-interest to get something done. and in my experience, that's when congress gets something done. >> when they have self-interest. >> yes. >> and this notion that the president has put
. >> in other words you go over the fiscal cliff. >> you go over the cliff. >> all the middle class, their taxes are going to go up, the sequestration, the cuts in defense spending, all of that will happen. >> we're at the point who is playing chicken here. >> all of them. >> the realltyings the tax rates do go up. >> do you think republicans would let that happen? >> that's the question. john boehner said this week that higher tax rates at the...
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chief among them, reaching a deal to avoid the so-called fiscal cliff, a series of tax increases and spending cuts set to take effect next year. >> the zoidecisions confronting congress over the next four months are bigger than most of us have seen in our lifetime, i think, on the fiscal will matters at least. >> reporter: athena jones,s cnn, washington. >> hurricane sandy changes the rules for election day. some voters will now cast their ballots by e-mail and fax. how d? dumb luck? or good decisions? ones i've made. ones we've all made. about marriage. children. money. about tomorrow. here's to good decisions. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. and the candidate's speech is in pieces all over the district. the writer's desktop and the coordinator's phone are working on a joke with local color. the secure cloud just received a revised intro from the strategist's tablet. and while i make my way into the venue, the candidate will be rehearsing off of his phone. [ can
chief among them, reaching a deal to avoid the so-called fiscal cliff, a series of tax increases and spending cuts set to take effect next year. >> the zoidecisions confronting congress over the next four months are bigger than most of us have seen in our lifetime, i think, on the fiscal will matters at least. >> reporter: athena jones,s cnn, washington. >> hurricane sandy changes the rules for election day. some voters will now cast their ballots by e-mail and fax. how d?...
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but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of getting close to it, the president has to be able to pivot and to say how do i turn this political advantage into a real policy accomplishment? and, wolf, i don't think you're going to do that with continued campaign style events like we just saw meeting with middle class families. okay. we get that. that occurred during the campaign. the white house has clearly gotten its message out. i think now there has to be a next step. you know, timing is everything in politics. and this is absolutely no different. what i'm getting from talking to some democrats on the hill is i think there's actually a lot of pen
but if there's no deal and the country goes over that fiscal cliff, taxes go up for everyone, mandatory spending cuts go into effect, a lot of folks are going to say where was the president? he was just re-elected. why couldn't he put together a package, a deal to avoid this disaster? >> i think this is a question of political leadership. and as that poll showed, there's no doubt that the president has the political advantage going into this. but at some point, and i think we're kind of...
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just when you thought the fiscal cliff talks were at a standstill, john boehner spent time today at the white house with president obama. we like to spend our sunday afternoons with cnn contributor. lz granderson, a writer for espn, consultant and strategist, good to see body of you. john boehner had some pretty tough words for the president on friday, listen. >> there are a lot of things that are possible to put the revenue that the president seeks on the table. well, but none of it's going to be possible if the president insists on his position. insists on my way or the highway. >> so anna, he also said the white house has wasted another week. now two days later, they're meeting again. did boehner's remarks make the difference? >> good. look, i think it's great. we cannot reach a deal if you are posturing and negotiating through press conferences. they need so sit in a room, they need to look at each other, they need to talk constructive debate, and they need to move this ball forward. i think what happened today is a very good sign. americans should be encouraged. it's a good thing.
just when you thought the fiscal cliff talks were at a standstill, john boehner spent time today at the white house with president obama. we like to spend our sunday afternoons with cnn contributor. lz granderson, a writer for espn, consultant and strategist, good to see body of you. john boehner had some pretty tough words for the president on friday, listen. >> there are a lot of things that are possible to put the revenue that the president seeks on the table. well, but none of it's...
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listen. >> there's an alternative to going over the fiscal cliff. by working together and creating a fairer, simpler, cleaner tax code, we can give our country a stronger, healthier economy. a stronger economy means more revenue, which is what the president seeks. >> this isn't something that i'm going to draw the lines in the sand, he's not going to draw any lines in the sand, i don't believe, and i think we need to work together. >> the president will also have to contend with a major staff shake up. secretary of state hillary clinton and treasury secretary tim geithner have both said they're ready to move on, and there are also indications that mary schapiro will follow suit as well. dan lothian is following all these developments. good morning, dan. >> reporter: good morning. that's the game, i guess, that's played every time you have transition, every four years or so, inside washington. you start talking about what names will be replacing those who will be leaving. nothing official from the white house on this kind of movement, but one of the
listen. >> there's an alternative to going over the fiscal cliff. by working together and creating a fairer, simpler, cleaner tax code, we can give our country a stronger, healthier economy. a stronger economy means more revenue, which is what the president seeks. >> this isn't something that i'm going to draw the lines in the sand, he's not going to draw any lines in the sand, i don't believe, and i think we need to work together. >> the president will also have to contend...
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Nov 14, 2012
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economy if we do go over that fiscal cliff and see the massive spending cuts and massive tax hikes. he's worried about it. don't get me wrong. he's not as alarmist as many. take a listen. what is the likelihood of the united states falling into a recession if we go over the cliff? >> i don't think that's going to happen. i think that if we go past january 1st i don't know whether it will be january 10th or february 1st, but we are not going to permanently cripple ourselves because 535 people can't get along. >> even if we go over for two months, does that dip this economy back into recession? >> i don't think so. >> you don't think so. that's interesting because the cbo believes that that -- >> yeah, well, we had hurricane sandy, which disrupted the economy for a period . we had katrina. we'll have things that will disrupt the economy. 9/11 was an extraordinary case. we have a i havery resilient economy. the fact that they can't get along for the month of january is not going to torpedo the economy. >> reporter: and, fredricka, i also talked to him about that meeting that the presid
economy if we do go over that fiscal cliff and see the massive spending cuts and massive tax hikes. he's worried about it. don't get me wrong. he's not as alarmist as many. take a listen. what is the likelihood of the united states falling into a recession if we go over the cliff? >> i don't think that's going to happen. i think that if we go past january 1st i don't know whether it will be january 10th or february 1st, but we are not going to permanently cripple ourselves because 535...
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Dec 10, 2012
12/12
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or else automatic spending cuts and tax hikes will kick in and with the fiscal cliff looming, our consumers feeling at all concerned? christine romans joins us now from new york with that. good morning, christine. >> good morning, ted. first, let me tell you what's going right in the economy for consumers. there's a whole host of things. the job markets, 7.7% unemployment, the lowest in four years. you've got the housing market showing signs of recovery. rising home values in much of the country. gas prices, did you notice? they're down 46 cents over the past couple of months. they're expected to keep going lower and the dow is up 20 points now. the dow is above 1,300 and the s&p 500 is up 12% this year. so, what could go wrong? fiscal cliff. this is something weighing op consumer sentiment and we're starting to see it in the weekly -- look at this -- 39% said it would affect it some. they don't seem to have much faith in congress to fix it and any time except 11th hour and maybe a week into the new year and there's this payroll tax holiday that most people have been enjoying now for well o
or else automatic spending cuts and tax hikes will kick in and with the fiscal cliff looming, our consumers feeling at all concerned? christine romans joins us now from new york with that. good morning, christine. >> good morning, ted. first, let me tell you what's going right in the economy for consumers. there's a whole host of things. the job markets, 7.7% unemployment, the lowest in four years. you've got the housing market showing signs of recovery. rising home values in much of the...
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Nov 14, 2012
11/12
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. >> if congress fails to act, starting january 1st, we could go over the fiscal cliff. automatic spending cuts will kick in, reducing federal spending by $1.2 trillion over ten years. everything from defense to education to food safety to environment programs all impacted. the bush era tax cuts will expire with a hike in tax rates for all brackets. 26 million more taxpayers will be hit with the amt. the payroll tax holiday expires and the federal unemployment benefits extension will also expire. the nonpartisan congressional budget office says that would cause the economy to contract and push unemployment over 9%. david cody, one of those that took part in the meeting, says if a compromise can't be reached, it could send a very bad message to the markets. >> you could have a recession far greater than forecasted because now you get to this crisis of confidence that says my god, those guys can't govern at all anymore. the most fiscally responsible big nation in the world just can't govern itself, so what hope do you have? >> if congress does not act, growth will stall. j
. >> if congress fails to act, starting january 1st, we could go over the fiscal cliff. automatic spending cuts will kick in, reducing federal spending by $1.2 trillion over ten years. everything from defense to education to food safety to environment programs all impacted. the bush era tax cuts will expire with a hike in tax rates for all brackets. 26 million more taxpayers will be hit with the amt. the payroll tax holiday expires and the federal unemployment benefits extension will also...
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Nov 12, 2012
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. >>> as you know, the united states has been hurtling towards what's been called the fiscal cliff. drastic spending cuts across the board, military and domestic spending unless congress and the white house can reach a deal on cutting the deficit. cnn's senior congressional correspondent dana bash reports there are signs of movement in this deeply entrenched battle line. >> reporter: wolf, talks will begin in earnest this week to avoid the fiscal cliff at the end of the year. and both sides are coming to the table trying to sound as agreeable as possible, positioning themselves to blame the other if things fall apart. sam say it would drive the economy back into a recession. the halls of the capitol, eerily quiet as congress commemorates veterans day. but this stillness will soon be replaced by frenzy to avoid the fiscal cliff. public posturing, however, is well under way. we can't accept an unfair deal that piles all of this on the middle class and tells them they have to support it. >> you do have to have revenues on the table. but that does not mean raising taxes. >> reporter: bu
. >>> as you know, the united states has been hurtling towards what's been called the fiscal cliff. drastic spending cuts across the board, military and domestic spending unless congress and the white house can reach a deal on cutting the deficit. cnn's senior congressional correspondent dana bash reports there are signs of movement in this deeply entrenched battle line. >> reporter: wolf, talks will begin in earnest this week to avoid the fiscal cliff at the end of the year. and...
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it's called the fiscal cliff. no doubt you know about it and even though it's more like the fiscal kind of steep slope heading down it could have some very bad implications for the economy. concerns about rolling down it or falling off it or whatever you want to call it have already made markets nervous and credit rating agencies and economists of all stripes are warning about the consequences of not hammering out a deal in time. politicians in both parties, well, they have been sending out mixed signals ever since the election. on the one hand, they're talking about common ground. take a look. >> we want our children to live in an america that isn't burdened by debt, that isn't weakened by inequality, that isn't threatened by the disruptive power of a warming planet. >> the nation as you know is at a critical point, at a time like this we can't risk partisan bickering and political posturing. if there's a mandate in yesterday's results, it's a mandate for us to find a way to work together on the solutions to the
it's called the fiscal cliff. no doubt you know about it and even though it's more like the fiscal kind of steep slope heading down it could have some very bad implications for the economy. concerns about rolling down it or falling off it or whatever you want to call it have already made markets nervous and credit rating agencies and economists of all stripes are warning about the consequences of not hammering out a deal in time. politicians in both parties, well, they have been sending out...
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Jul 18, 2012
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he also talked about the fiscal cliff, so-called fiscal cliff. that's when we have huge spending cuts and huge tax increases all at the same time that slam the economy early next year. congress really has to get its act together on that. this is what he said. >> the most effective way that the congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long run sustainability and the fragility of the recovery. doing so earlier rather than later would help reduce uncertainty and boost household and business confidence. >> that's about as fiery as you're going to get from a fed chief. they don't like to make that foray into politics. you can take that 19 seconds i just gave you there as a warning from the fed chief to congress that they stand in direct opposition to what's good for the u.s. economy. that's a warning from fed chief ben bernanke. next hour i'm going to give you -- i'm going to take apart the fiscal cliff for you. i'm going to put it
he also talked about the fiscal cliff, so-called fiscal cliff. that's when we have huge spending cuts and huge tax increases all at the same time that slam the economy early next year. congress really has to get its act together on that. this is what he said. >> the most effective way that the congress could help to support the economy right now would be to work to address the nation's fiscal challenges in a way that takes into account both the need for long run sustainability and the...
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Sep 25, 2012
09/12
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tax increases on the fiscal cliff are $380 billion. spending cuts are $100 billion. the tax bill for a median income family making $55,000, two kids, is going to go up somewhere between $2,000 and $4,000. $2,000 and $4,000 for a family that makes $55,000. that is going to hurt and you're going to feel it and it's going to slow the economy. how will your taxes go up? a variety of ways. it's not just the expiration of the bush tax cuts. it's also the payroll tax. that was a temporary payroll tax holiday. that's going to be maybe $40 or $50 a paycheck. that's going away probably no matter what. the alternative minimum tax also. we told you about the bush tax cuts. those expire. there's also the child tax credit that will be cut in half, $500 from $1,000. income tax rates are going to change. the marriage penalty relieve goes away. capital gains rate changes. dividend rate changes. a lot of different ways that savers, investors and earners are going to get hit with taxes on the fiscal cliff. again the white house says $2200 is what the increased tax bill will be because
tax increases on the fiscal cliff are $380 billion. spending cuts are $100 billion. the tax bill for a median income family making $55,000, two kids, is going to go up somewhere between $2,000 and $4,000. $2,000 and $4,000 for a family that makes $55,000. that is going to hurt and you're going to feel it and it's going to slow the economy. how will your taxes go up? a variety of ways. it's not just the expiration of the bush tax cuts. it's also the payroll tax. that was a temporary payroll tax...
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Jul 23, 2012
07/12
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on our fiscal issues like the fiscal cliff when that series of spending cuts and taxes go up. we had our focus on earnings and housing. housing has actually become a bit of a bright spot. the real good focus has been here on the u.s. economy for the past week or so, but then, you know what happened overnight? bam, new signs that the spanish government itself will need a a bailout. in spain the banking system has been in trouble for a very long time and actually a bailout for a bank has been finalized and there had been renewed hopes that the bank bailout would be enough to sustain spain. but that may not end up being the case. now, it looks like spain will need what greece needed and ireland needed and portugal needed and that is a full fledge government bailout and the markets are not reacting favorably to that. >> what happens in europe affects us, alison kosik, thank you. >>> we turn now to the horror and heartbreak of the colorado shooting massacre. next hour, the first court appearance is scheduled for the man accused of last week's rampage inside a theater. 24-year-old j
on our fiscal issues like the fiscal cliff when that series of spending cuts and taxes go up. we had our focus on earnings and housing. housing has actually become a bit of a bright spot. the real good focus has been here on the u.s. economy for the past week or so, but then, you know what happened overnight? bam, new signs that the spanish government itself will need a a bailout. in spain the banking system has been in trouble for a very long time and actually a bailout for a bank has been...
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Nov 14, 2012
11/12
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the fiscal cliff blame game. there is so much skepticism as to whether washington can avoid the year-end combination of spending cuts and tax increases. a new poll shows that 38% of the people in this country say yes, there will be a deal. more than half of the people say no. here's what's even more interesting. who do the american people blame if there's no deal? 53% say congress, and 29% say the president, and the reason for that, well, it's because it's party lines. 85% of democrats blame only congress. only 12% of republicans agree. republicans, 68% blame only the president. 7% of democrats say the president is at fault. so you can see the party line split extends to all of us. so if everyone in washington proves the public wrong, how would a deal get done? jessica yellin is our chief white house correspondent. the president has been meeting with people the past few days and trying to figure out what concessions he would make. what do you think is reasonable? what's he thinking, jessica? >> reporter: hey, eri
the fiscal cliff blame game. there is so much skepticism as to whether washington can avoid the year-end combination of spending cuts and tax increases. a new poll shows that 38% of the people in this country say yes, there will be a deal. more than half of the people say no. here's what's even more interesting. who do the american people blame if there's no deal? 53% say congress, and 29% say the president, and the reason for that, well, it's because it's party lines. 85% of democrats blame...
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Aug 26, 2012
08/12
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. >>> by now you have probably heard the term "fiscal cliff." some fear we may be about to fall off that cliff. guess what -- that could really affect your bottom line. here's how -- if congress does nothing to ward off tax hikes and spending cuts set to take effect in january, it could trigger massive layoffs and an increase in the unemployment rate. that's according to a recent report from the congressional budget office. earlier, i spoke with cnn international anchor richard quest about what the fiscal cliff means and what our lawmaker need to do to avoid it. >> it's very simple, randi. forget the numbers. you've got tax cuts that will expire and, therefore, taxes go up. you have got spending that will -- the cuts will be implemented. the economy will literally be like having a heart attack. >> that doesn't sound good. all right. but the cbo is saying if this all goes into effect, as you said, the unemployment could at 9%. they're also saying that the deficit would improve. it would fall to $641 billion. so is that a silver lining here? do yo
. >>> by now you have probably heard the term "fiscal cliff." some fear we may be about to fall off that cliff. guess what -- that could really affect your bottom line. here's how -- if congress does nothing to ward off tax hikes and spending cuts set to take effect in january, it could trigger massive layoffs and an increase in the unemployment rate. that's according to a recent report from the congressional budget office. earlier, i spoke with cnn international anchor...
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Dec 10, 2012
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keep in mind they're the ones trying to do the deal here to avert this fiscal cliff. the tax hikes, the spending cutting scheduled for the first of the week now. join ming me from washington is senator olympia snowe. are you hearing -- what might you be hearing between the president and spirit? >> i think it is optimistic in the sense that at least they have met once again because i think that that is going to be crucial and central to any resolution, to the fiscal cliff crisis. and the more they meet and more that they have these lines of communications opened on a daily basis and their staffs are meeting, the more likely we'll see a conclusion to this issue. but it is regrettable that it is this late in the day, given the uncertainty and the apprehension that it continues to create among the american people, and, of course, both within the markets here and abroad. but i think it is hopeful that they have begun to meet and have some discussions because i think we can breathe a sigh of relief that the lines of communication are open. >> are you breathing that sigh of
keep in mind they're the ones trying to do the deal here to avert this fiscal cliff. the tax hikes, the spending cutting scheduled for the first of the week now. join ming me from washington is senator olympia snowe. are you hearing -- what might you be hearing between the president and spirit? >> i think it is optimistic in the sense that at least they have met once again because i think that that is going to be crucial and central to any resolution, to the fiscal cliff crisis. and the...
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, the so-called fiscal cliff, will go into effect all at once. that's really keeping the market on edge, and although the expectation is that president obama and congress are going to wind up hammering on the a deal. until we're there, we're not going to satisfy i real conviction to buy stocks. that's weighing on the market. there's a bigger impact with this. there's also a trickle down. right to the jobs market. you know, companies right now they don't to hire until the tax picture is clear, so that's an issue that can drag on the economy as well as stocks. suzanne. >> thank you, alison. >> big bird became a political star after this comment. you recall. >> i'm going to stop the subsidy to pbs. i'm going to stop other things. i like pbs. i love big bird. i actually like you too. i'm not going to keep on spending money on things to borrow money from china to pay for it. >> well, now big bird, he is in the news again. see how sesame street is relating to kids about superstorm sandy. ♪ we're lucky, it's not every day you find a companion as loyal
, the so-called fiscal cliff, will go into effect all at once. that's really keeping the market on edge, and although the expectation is that president obama and congress are going to wind up hammering on the a deal. until we're there, we're not going to satisfy i real conviction to buy stocks. that's weighing on the market. there's a bigger impact with this. there's also a trickle down. right to the jobs market. you know, companies right now they don't to hire until the tax picture is clear,...
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now part of this will focus on whether the economy is nearing a fiscal cliff due to pending major tax hikes and spending cuts. some democrats are threatening to walk off this cliff, rather than renew busch era tax cuts for the wealthy as republicans want. >> if we can't get a good deal, a balanced deal, that calls on the wealthy to pay their fair share, then i will absolutely continue this debate into 2013, rather than lock in a long-term deal this year that throws middle-class families under the bus. >> the democrats are proposing today is an entirely avoidable, high stakes game of chicken. with the single-minded goal of taking more money from those who earn it for government to waste. >> our chief business correspondent ali velshi is here to take the politics out of this and tell us how all of this -- i know, is that possible? but i do want to know how this all affects, you know, all of us. >> yeah. >> so if the democrats are serious, ali, without legislative action, we will fall off this fiscal cliff, that means tax increases, large domestic and military spending cuts and the expir
now part of this will focus on whether the economy is nearing a fiscal cliff due to pending major tax hikes and spending cuts. some democrats are threatening to walk off this cliff, rather than renew busch era tax cuts for the wealthy as republicans want. >> if we can't get a good deal, a balanced deal, that calls on the wealthy to pay their fair share, then i will absolutely continue this debate into 2013, rather than lock in a long-term deal this year that throws middle-class families...
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Nov 15, 2012
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and there's the looming tax increases and spending cuts known as the fiscal cliff. ceos were optimistic about their 90-minute meeting with president obama yesterday. walmart ceo mike duke in a statement urging a solution to the fiscal cliff. he says this, "our customers are working hard to adapt to the new normal, but their confidence is still very fragile. they're shopping for christmas now and they don't need uncertainty over a tax increase." and it's interesting, because insiders, inside the beltway, are starting to say, well, it's more like a slope, it's not a cliff. >> i think mike duke is right. it's a cliff. >> it's a cliff if you're going to get a tax increase in your first paycheck next year. it's a cliff if you're not going to get your payroll tax holiday, which is 20 bucks a month. it's a cliff if you're living paycheck to paycheck, which is what mike duke is saying. >> and if you're trying to decide, do i buy my kid a bike or not? >> and weapon don't know how the market would react if they push this a week or two weeks in. it's playing with fire. >> we'l
and there's the looming tax increases and spending cuts known as the fiscal cliff. ceos were optimistic about their 90-minute meeting with president obama yesterday. walmart ceo mike duke in a statement urging a solution to the fiscal cliff. he says this, "our customers are working hard to adapt to the new normal, but their confidence is still very fragile. they're shopping for christmas now and they don't need uncertainty over a tax increase." and it's interesting, because insiders,...
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of course, there's also the fiscal cliff. that's one of a variety of those spending cuts and tax increases kicking in in the new year. congress has been noncommitmental about how it's going to handle that, and that's really what's upsetting most of the trade others wall street because, again, it's an unanswered question. it's unpredictable headlines out of europe that are also expected to factor in, so for today the dow is just slightly lower. again, not a disaster. 30 points. it's okay. >> we look for the silver lining. we're looking for it. >> we try. >> thank you, felicia. zirchl the ungood morning rate fell in september. more people returned to the labor force, and hiring was steady. in this week's smart is the new rich, we see a guy that took a big risk to make a career change in a brightening job market. >> he wanted to switch careers from operations in i.t. to marketing and big data. in a slow jobs market that takes training and risk. >> i decided to go back to business school, and i went part-time and realized that i
of course, there's also the fiscal cliff. that's one of a variety of those spending cuts and tax increases kicking in in the new year. congress has been noncommitmental about how it's going to handle that, and that's really what's upsetting most of the trade others wall street because, again, it's an unanswered question. it's unpredictable headlines out of europe that are also expected to factor in, so for today the dow is just slightly lower. again, not a disaster. 30 points. it's okay....
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the so-called fiscal cliff, this big set of spending and tax decisions coming at the end of the year, is really bumming out ceos. they don't know what to expect. nobody knows what their tax rate will be. so companies who can put off hiring are putting it off. >> if you were to advise the romney camp because they're counting on stumping on the bad economy, bad job growth, all of that, what would you advise them right now? would they need to recraft their message? stay away from it? how do they capitalize on their message and at the same time, not contradict what the latest numbers and indicators are saying? >> well, mitt romney is right when he says the economy is not recovering enough, but i think he's got a problem which is that when people sort of intuitively feel things getting better and they hear a candidate who keeps saying things are not getting better. things are not getting better fast enough. he comes off as a gloomy gus. so i think the best thing romney can probably do is we know he's going to continue telling us what's wrong with the economy. he's generally right about tha
the so-called fiscal cliff, this big set of spending and tax decisions coming at the end of the year, is really bumming out ceos. they don't know what to expect. nobody knows what their tax rate will be. so companies who can put off hiring are putting it off. >> if you were to advise the romney camp because they're counting on stumping on the bad economy, bad job growth, all of that, what would you advise them right now? would they need to recraft their message? stay away from it? how do...
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. >>> on a balanced approach that averts the fiscal cliff. what we have offered meets the definition of balance but the president is not there yet. the white house offered yesterday was essentially $1.3 trillion in new revenues for only $850 billion in net spending reductions. that's not balanced in my opinion. so at the same time that we are going to continue to talk to the president we are going to also move plan b. i think we all know that every income tax filer in america is going to pay higher rates come january 1 unless congress acts so i believe it is important that we protect as many american taxpayers as we can. and our plan b would protect american taxpayers who make $1 million or less and have all of their current rates extended. i continue to have hope that we can reach a broader agreement with the white house that would reduce spending as well as have revenues on the table. i think it would be better for our country. but at this point having a backup plan to make sure that as few american taxpayers are effected by this increase a
. >>> on a balanced approach that averts the fiscal cliff. what we have offered meets the definition of balance but the president is not there yet. the white house offered yesterday was essentially $1.3 trillion in new revenues for only $850 billion in net spending reductions. that's not balanced in my opinion. so at the same time that we are going to continue to talk to the president we are going to also move plan b. i think we all know that every income tax filer in america is going...
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Nov 14, 2012
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fiscal cliff, will have on the u.s. economy? 68% said that it would have a major effect. 21% minor effect. 2% said no effect. 10% said they don't know. this is the economy. pew and "washington post" also asked, what effect the fiscal cliff would have on your financial situation, 44% said a major effect. 38% said a minor effect. 9% said no effect. and then they also asked them, by the way, do you know what the fiscal cliff, do you know anything about it? about 26% said they understood it very well. 32% said fairly well. about a quarter said not so well. >> that's a trick question. i don't think even the people involved in creating the fiscal cliff understand it well. >> it's a good point. the fiscal cliff is an accident. it wasn't planned. it's not a planned austerity thing. it's budget things that all happen to expire at the same time that will create havoc. it is very hard to understand. but it is really important. it's probably a good chance it won't happen in its entirety. but if it does, it would be catastrophic. wh
fiscal cliff, will have on the u.s. economy? 68% said that it would have a major effect. 21% minor effect. 2% said no effect. 10% said they don't know. this is the economy. pew and "washington post" also asked, what effect the fiscal cliff would have on your financial situation, 44% said a major effect. 38% said a minor effect. 9% said no effect. and then they also asked them, by the way, do you know what the fiscal cliff, do you know anything about it? about 26% said they understood...
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Nov 13, 2012
11/12
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rick, for the record now, the fiscal cliff, of course, is a huge package of spending cuts and tax hikes that will go into effect on january 1st, 41 days from now, if congress can't cut a deal to avoid them. so let's assume there is no deal in washington. end of the year comes, is everybody going to get hit by this, will everybody have to pay higher taxs? >> just about everybody. this is not as juicy a story as the petraeus affair we have been talking about, but it will have a lot more direct impact on people if this actually happens. if this all goes into effect, we're talking about $600 billion or so worth of spending cuts and tax hikes. most of that is tax hikes, ted. about $500 billion worth of tax hikes. if you spread that out, that adds up to $3400 per household and i don't think too many families have set aside $3400 in case congress botches some policy argument that they haven't even been paying much attention to. so the impleks plications are potentially very serious. >> you break down the numbers going through the different tax brackets here. and pretty much everybody is going
rick, for the record now, the fiscal cliff, of course, is a huge package of spending cuts and tax hikes that will go into effect on january 1st, 41 days from now, if congress can't cut a deal to avoid them. so let's assume there is no deal in washington. end of the year comes, is everybody going to get hit by this, will everybody have to pay higher taxs? >> just about everybody. this is not as juicy a story as the petraeus affair we have been talking about, but it will have a lot more...
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is just 53 days to falling off that fiscal cliff. today, president obama is going to deliver a big speech about the economy. one of the main components of the president's spending plan is higher tax rates for the wealthy. that's something that house speaker john boehner doesn't seem to be buying. listen. >> raising tax rates is unacceptable. and, frankly, it couldn't even pass the house. i'm not sure it could pass the senate. >> without a budget compromise, drastic cuts amendmently kick in. that, of course, could send the economy spiraling back into a recession. white house correspondent brianna keilar is live for us this morning from washington. john boehner was the guy who said he didn't think a lame duck congress could do big things. what can be done in the next, what did i say, 53 days? >> well, maybe finding some sort of stopgap measure. some sort of framework on tax reform, soledad. i think that's the goal here. the fact is, house republicans and president obama and senate democrats, they don't really have a choice. they have t
is just 53 days to falling off that fiscal cliff. today, president obama is going to deliver a big speech about the economy. one of the main components of the president's spending plan is higher tax rates for the wealthy. that's something that house speaker john boehner doesn't seem to be buying. listen. >> raising tax rates is unacceptable. and, frankly, it couldn't even pass the house. i'm not sure it could pass the senate. >> without a budget compromise, drastic cuts amendmently...
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and a reminder, the fiscal cliff is massive tax increases and spending cuts that hit all in the beginning of the year. let's listen to what majority leader john boehner said. let's listen to him. >> a stronger economy means more revenue, which is what the president seeks. because the american people expect us to find common ground, we're waiting to accept some additional revenues via tax reform. >> additional revenues via tax reform. okay, that's a little bit. he gave a little bit there. he's not saying he's going to raise taxes on the rich, which is the white house would like to do, but he is saying that maybe, maybe they'll be open to closing some loopholes so they can raise some revenue. but in the same breath, though, he did hold the line. >> but the american people also expect us to solve the problem. and for that reason, in order to garner republican support for new revenues, the president must be willing to reduce spending and shore up entitlement programs that are the primary drivers of our debt. >> so maybe we'll give on this, but we're not going to give on that. that's where you
and a reminder, the fiscal cliff is massive tax increases and spending cuts that hit all in the beginning of the year. let's listen to what majority leader john boehner said. let's listen to him. >> a stronger economy means more revenue, which is what the president seeks. because the american people expect us to find common ground, we're waiting to accept some additional revenues via tax reform. >> additional revenues via tax reform. okay, that's a little bit. he gave a little bit...
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Dec 10, 2012
12/12
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cliff. taking his message directly to the american people. we'll have more after the break. people have doubts about taking aspirin for pain. but they haven't experienced extra strength bayer advanced aspirin. in fact, in a recent survey, 95% of people who tried it agreed that it relieved their headache fast. visit fastreliefchallenge.com today for a special trial offer. so all of you do. yes, for sure. now what's better? being able to shoot two lasers out of both of your eyes at the same time or just one laser out of one eye? [ all kids ] two! [ moderator ] okay, why? if it's just one beam -- okay, it does a little bit of damage. two beams -- it will make something explode! and that's more fun? yeah! and it's more powerful you're saying? yeah! [ male announcer ] it's not complicated. doing two things at once is better. and only at&t's network lets you talk and surf on your iphone 5. ♪ >>> looking at pictures there of president obama with a crowd. this is in detroit, michigan. he just step
cliff. taking his message directly to the american people. we'll have more after the break. people have doubts about taking aspirin for pain. but they haven't experienced extra strength bayer advanced aspirin. in fact, in a recent survey, 95% of people who tried it agreed that it relieved their headache fast. visit fastreliefchallenge.com today for a special trial offer. so all of you do. yes, for sure. now what's better? being able to shoot two lasers out of both of your eyes at the same time...
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the fiscal cliff, of course, is congress' doing. it's massive tax increases and spending cuts because they couldn't agree on deficit reduction. it happens the beginning of the year. it can be avoided if congress acts. but no one is sure when, if, or how they will do it. now also this morning the new york attorney general has filed suit against jpmorgan over the risky mortgage-backed securities that were packaged and sold during the housing bubble. the civil suit alleges that bear stearns, which jpmorgan now owns and is responsible for, misled investors into thinking those toxic mortgage loans had been fully evaluated. the complaint also says even when bear stearns found out that there were problems the bank failed to disclose material information to investors. total losses, of course, from those mortgage-backed securities, oh, a mere $22.5 billion. in 2006 and 2007. a big problem there. and attention smart shoppers. here's what to buy and what not to buy in october. according to dealnews.com. halloween costumes. the week before hall
the fiscal cliff, of course, is congress' doing. it's massive tax increases and spending cuts because they couldn't agree on deficit reduction. it happens the beginning of the year. it can be avoided if congress acts. but no one is sure when, if, or how they will do it. now also this morning the new york attorney general has filed suit against jpmorgan over the risky mortgage-backed securities that were packaged and sold during the housing bubble. the civil suit alleges that bear stearns, which...